Senior bankers at Lloyds Banking Group risk having their bonuses reduced if they fail to meet new in-office requirements, which mandate being on site at least two days per week.
The move, revealed ahead of the 2024 financial year bonus distribution next month, comes as major employers roll back remote working arrangements in a bid to encourage more face-to-face collaboration.
Lloyds – owner of Halifax, Lloyds and Bank of Scotland – confirmed it is reassessing office attendance as part of its performance-based bonus measures for top staff, including those in hybrid roles who were ordered last year to be in the office for 40% of their working time. That equates to at least two days a week for most full-time employees.
Ged Nichols, general secretary of the Accord union representing Lloyds staff, emphasised the need to apply the bonus-related office policy with sensitivity. “The inclusion of a metric on complying with the requirement for some staff to attend offices for 40% of their working time should not create problems if it is applied fairly, and is sensitive to individuals’ circumstances with mature and reasonable judgments applied.”
A wide range of businesses, particularly those headquartered in the US such as JP Morgan and Amazon, have recently implemented stricter back-to-office mandates. Supermarket chain Asda has introduced a compulsory three-day office week for thousands of workers in Leeds and Leicester, while Santander is finalising attendance requirements for its 10,000 UK employees.
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